PAYE/IBR and HPSL

[koercive]

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Do we have to consolidate all of our student loans (Stafford+Grad Plus) for our HPSL loan to be covered under PAYE?

I know the HPSL loan is a federal loan, but it is not serviced by my loan provider (Great Lakes).

Anyone know?

 

[iGrad FinLit]

I assisted borrowers with federal consolidations many years ago, so some things may have changed, but probably not. While federal guidelines do not prohibit you from consolidating only one loan, an HPSL loan is one of the exceptions. It would need to be consolidated with another loan to be eligible.

Another stipulation said that while you could leave loans out of the consolidation, you needed to consolidate at least 50% of your entire federal student loan balance (however, we often submitted consolidations for less than 50% of the total balance and they went through just fine). I would personally consolidate all of them, but if you have some reason why you do not want to consolidate all of them you can leave out either the Stafford or the Grad Plus.

iGrad - Financial Literacy